Post by Okwes on Feb 23, 2007 22:28:56 GMT -5
Denver-based bank expanding operations
Native American Bank has focused on lending for development, and hopes to widen its reach.
By Aldo Svaldi
Denver Post Staff Writer
Article Launched: 12/14/2006 01:00:00 AM MST
Denver-based Native American Bank said Wednesday that it will acquire the charter of First National Bank of Lake City & Creede in a move to expand its operations in Colorado.
The acquisition, which requires regulatory approval, will allow Native American to add branches in Denver and on reservations in the state.
Although headquartered in Denver, Native American currently operates under a Montana-based bank charter, which doesn't permit it to operate bank branches in the state.
"The effect of this transaction will be to allow us to establish full-service bank branches in Colorado," said president and chief executive J.D. Colbert.
Colbert said First National has applied with regulators to open a branch in Denver, which Native American will initially locate at its corporate headquarters at 999 18th St.
Eventually, the bank would like to set up a branch in west Denver or Lakewood to serve Native American residents living in the area.
The bank will also pursue branches on Colorado reservations.
The Pine River Bank Corp., owner of First National, will retain ownership of the branches in Lake City and Creede under its Pine River charter and brand.
Colbert said those two cities were not in his company's target market.
Native American will continue to operate its bank in Browning, Mont., along with loan production offices in Montana and Alaska.
Over time, the bank would like to acquire bank charters in surrounding states, Colbert said.
Native American Bank, founded in 2001, has $85 million in assets and is owned by 26 tribes, tribal corporations and Alaska Native corporations.
The bank has focused on business and economic development lending in Indian country and is pursuing a wider reach in services and geography.
Staff writer Aldo Svaldi can be reached at 303-954-1410 or asvaldi@denverpost.com.
Native American Bank has focused on lending for development, and hopes to widen its reach.
By Aldo Svaldi
Denver Post Staff Writer
Article Launched: 12/14/2006 01:00:00 AM MST
Denver-based Native American Bank said Wednesday that it will acquire the charter of First National Bank of Lake City & Creede in a move to expand its operations in Colorado.
The acquisition, which requires regulatory approval, will allow Native American to add branches in Denver and on reservations in the state.
Although headquartered in Denver, Native American currently operates under a Montana-based bank charter, which doesn't permit it to operate bank branches in the state.
"The effect of this transaction will be to allow us to establish full-service bank branches in Colorado," said president and chief executive J.D. Colbert.
Colbert said First National has applied with regulators to open a branch in Denver, which Native American will initially locate at its corporate headquarters at 999 18th St.
Eventually, the bank would like to set up a branch in west Denver or Lakewood to serve Native American residents living in the area.
The bank will also pursue branches on Colorado reservations.
The Pine River Bank Corp., owner of First National, will retain ownership of the branches in Lake City and Creede under its Pine River charter and brand.
Colbert said those two cities were not in his company's target market.
Native American will continue to operate its bank in Browning, Mont., along with loan production offices in Montana and Alaska.
Over time, the bank would like to acquire bank charters in surrounding states, Colbert said.
Native American Bank, founded in 2001, has $85 million in assets and is owned by 26 tribes, tribal corporations and Alaska Native corporations.
The bank has focused on business and economic development lending in Indian country and is pursuing a wider reach in services and geography.
Staff writer Aldo Svaldi can be reached at 303-954-1410 or asvaldi@denverpost.com.